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Chinese retailer Suning's founder talks stake sale of up to 25%

Owner of Inter Milan soccer club could see shake-up of top shareholders

Employees work at a logistics base of Suning ahead of the Singles Day online shopping festival in Nanjing, China   © Reuters

SHANGHAI -- Top shareholders in Suning.com including founder Zhang Jindong look to sell as much as one-quarter of the company, the Chinese retailer said Thursday, as the coronavirus pandemic dampens earnings.

Zhang and parent Suning Appliance Group, which together own about 40% of Suning.com's outstanding shares, are in talks to sell a total interest of 20%-25% to buyers in areas including infrastructure. That could leave Suning.com with a different top shareholder.

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